The crypto analyst and trader known for his accurate predictions, Altcoin Sherpa, has stated that he expects a rise in altcoins within the Bitcoin (BTC) ecosystem in the medium term. The analyst particularly mentioned that the momentum in Ordinals (ORDI), which has risen over 2700% in three months, is expected to continue.
Expecting a Rise in ORDI and Other Bitcoin Ecosystem Altcoins
The anonymous crypto analyst Altcoin Sherpa informed his followers on his personal X account that he expects Ordinals, a protocol that allows writing text and images on the Bitcoin Blockchain, and similar altcoins in the ecosystem to perform well in the coming months. According to Altcoin Sherpa, ORDI is at an attractive price level of about 10% below the current price, highlighting $65 as a compelling entry point.
ORDI has risen approximately 2777% since its closing price of $3.48 on October 18, and at the time of writing this article, it is trading at $72.35.
Short-Term Decline Alert for RUNE and SOL
Following ORDI, Altcoin Sherpa drew attention to the decentralized cross-chain liquidity protocol THORChain‘s RUNE, stating that if the downtrend continues, the key Fibonacci retracement levels to watch on the daily chart for RUNE are 0.50 (50%) and 0.618 (61.8%).
As is well known, Fibonacci retracement levels are used to identify potential support and resistance points for an asset’s price, and the most functional retracement levels are 38.2%, 50%, and 61.8%. Looking at the RUNE chart shared by Altcoin Sherpa, the 50% and 61.8% Fibonacci retracement levels are around $4 and $3.50, respectively.
Lastly, looking at Solana (SOL), one of the rising altcoins of 2023, the analyst expects the fifth-largest cryptocurrency by market value to rise throughout 2024, but warns investors of a potential short-term decline.
